Indecent profits of war: as fuel prices soar, TotalEnergies profits explode

The energy crisis caused by the war in the Middle East triggered in March does not affect everyone in the same way. While the rise in oil prices — and, consequently, that of fuels — weakens the purchasing power of households, the oil and gas company TotalEnergies is benefiting greatly. According to its results for the first quarter published on Wednesday, the French group recorded a net profit increase of over 51% compared to the first quarter of 2025, generating $5.8 billion in revenue (approximately 4.9 billion euros).

TotalEnergies had already prepared the ground in a note sent to its investors in mid-April, expecting “strong growth” for its hydrocarbon activities, driven by the rise in prices and the increase in production. This is despite its losses of gas and oil production in the Persian Gulf region, equivalent to 15% of its global oil and gas activity.

At the same time, the soaring share price of the group led to a “massive enrichment of its shareholders estimated at 55.4 billion euros,” according to the NGO Greenpeace. Among them, Patrick Pouyanné, the CEO of the company, would have enriched himself by over 15 million euros. Greenpeace calls on the French government to impose additional permanent taxes on all profits made by oil and gas companies. They also advocate for the implementation of an international tax on the global profits of the most polluting multinationals wherever they create value, via the United Nations tax convention, currently being negotiated in New York (United States).

TotalEnergies is not the only group witnessing an increase in profits. According to a report published by Oxfam on Monday, estimated net profits for 2026 in the global fossil fuels sector will reach $94 billion, “a sufficient amount to provide solar energy to nearly 50 million people in Africa.” This translates to approximately $37 million (31 billion euros) in additional profits per day compared to 2025 for six of the largest companies in the sector: Chevron, Shell, BP, ConocoPhillips, Exxon, and TotalEnergies.

These results come as the first international summit dedicated to phasing out fossil fuels is taking place in Santa Marta, Colombia. Greenpeace and Oxfam emphasize the urgency of implementing concrete solutions in a context that highlights a strong dependence on hydrocarbons.